DayStar Technologies, Inc. (NASDAQ: DSTI) said today its board of Directors has approved the acquisition of a 20% equity ownership in BC-based Premier Global Holdings Corporation, which has successfully demonstrated solar cells that are the first to combine energy generation and power storage in one cell.

DayStar is to issue $12 million in preferred stock in return for the 20% equity ownership position in privately held Premier. The preferred can be converted to common stock at $1.60 per share, and will pay an in-kind dividend of 5% per annum.

Lorne Roseborough, DayStar President, said this new technology represents a "fundamental change" in the business model for solar energy, and "will provide Daystar with a significant competitive advantage in its efforts to facilitate utilities and their customers in designing more cost effective and profitable renewable energy projects."